In spite of my occasionally having a problem with Mike's evaluations, the system we have works well overall. We do need some sort of approval process.
If Mike can continue to do it, I say go with it.
If not, some variation of Tim's plan (automated), but maybe with only three guys, and with ultimate appeal to Mike, would work. Hopefully under this system reviews would be prompt and very few trades would need to come under Mike's scrutiny, sparing him the time he now takes on this.
Dave N